GRAHAM WALLACE has resigned as Rangers’ chief executive days after chief financial officer and key boardroom ally Phillip Nash quit the club.
News of the pair’s departure comes as the club confirmed it has agreed a £2m interest-free loan deal with Mike Ashley, the Newcastle United and Sports Direct owner.
Ashley, who also owns around 9% of the voting rights of Rangers, had previously called for the Wallace and Nash to leave the club. As part of the loan package Ashley has the right to appoint up two directors to the board.
According to Rangers’ stock exchange statement, Ashley’s loan was made in the name of his company Mash Holdings Limited.
The latest boardroom upheaval follows years of financial turmoil at the Scottish club. Rangers entered administration in February 2012 before going into liquidation later that year. The club later resurfaced in the Scottish third division.
Nash, who previously served in senior finance roles at Arsenal and Liverpool, had worked as a financial consultant for Rangers before joining the board in July.